The ‘superior’ European economy strawman
Oh good grief. Reading the comment sections of some MSM articles and blog posts is a mixed blessing. Twas reading some comments about Obamanomics at Q&A blog…. and some liberal starts spouting the success of the social democracies of Western Europe. The willful ignorance, it must hurt.
So, the other side of the blessing is I get to add to the liberal straw man file. Tino Sanandaji, PhD, over at Super Economy has done a knock-out job of slaying this liberal zombie-like straw man. I mean, seriously, they keep resurrecting this straw man even as socialists abandon their social democracies like rats on a burning ship.
Some juicy parts from Super Economy:
From a policy perspective, if America follows Paul Krugman and Barack Obama in “Europeanizing” the American economy, what is most likely to happen is that levels of income will drop to Europeans ones (or lower, taking into account demographic differences). Once this happens, it is hardly a consolation that America will grow at the same pace as Europe.
During the current recession, the US GDP fell by a 3.3%. Theoretically if the US adopts European policies and immediately decreases to the levels of EU15, its per capita GDP would fall by 26.5%, 8 times worse than The Great Recession! (in practice the convergence would probably happen through years of reduced growth).
If France were to became an American state, it would be the 50th poorest, below Arkansas.
The EU.15 as a whole, which Krugman presents to his readers an economy as dynamic as the US, would be the 49th poorest state, below Alabama, a State that Paul Krugman ridiculed in 2005. Few Americans consider Alabama a dynamic state, because of the low average income (even though, hardly surprisingly, the poorer southern states have much faster per capita growth rates than the rich states such as New York). Why than should we consider Europe a dynamic region?
Even the richer European countries do not fare well against American states (the exceptions being oil rich Norway, financial city state of Luxembourg, free market Ireland and capitalist utopia Switzerland). Denmark and Sweden barely inch ahead of Kentucky, below Louisiana, New Mexico and Missouri. Minnesota is 34.4% richer than Sweden.
Go over there to see the charts and methodology. There are lies, damn lies and liberal economics.
This entry was posted on January 29, 2011 at 2:41 pm and is filed under 'Professional' Media, Democrat Memory Hole, Economics, Liberal Straw Men, Socialism, Uncategorized with tags Economics, Liberal Straw Men, Politics, Socialism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.